Note 14 - Stock Based Compensation and Employee Benefits Plans |
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Share-based Payment Arrangement [Text Block] |
Note 14. Stock Based Compensation and Employee Benefit PlansThe Company maintains a 2018 Equity Incentive Plan which provides for the issuance of up to 416,667 shares of common stock upon the exercise of options, stock awards and grants. With the adoption of the 2018 Equity Incentive Plan, no further awards will be issued under the Company's 2005 Equity Incentive Plan, though all awards under the 2005 Equity Incentive Plan that are outstanding will continue to be governed by the terms, conditions and procedures set forth in the plan and any applicable award agreement.During the fourth quarter of fiscal year 2021, the Company granted options for 138,000 shares which vest in full upon the first anniversary of the grant. All other outstanding options generally vest over a four or five -year service period. The vested portion of all option grants may be exercised only while the grantee is employed by the Company (or while providing services under a service arrangement in the case of non-employees) or within a certain period after termination of employment or service arrangement in the case of non-employees. Options granted to employees shall not have terms in excess of 10 years from the grant date. Holders of options may be granted stock appreciation rights (“SARs”), which entitle them to surrender outstanding awards for a cash distribution under certain changes in ownership of the Company, as defined in the stock option plan. As of March 27, 2021 and March 28, 2020,
no March 27, 2021, there were 144,443 shares of common stock available for issuance of additional awards under the 2018 Equity Incentive Plan. The Company records compensation cost associated with stock-based compensation equivalent to the estimated fair value of the awards over the requisite service period. Stock Options The weighted average fair value of stock options granted during the fiscal years ended March 27, 2021 and March 28, 2020 was $3.48 and $3.75, respectively, and was calculated using the following weighted-average assumptions:
A summary of stock options activity for the fiscal years ended March 27, 2021 and March 28, 2020 is presented below:
As of March 27, 2021, there was approximately $488,000 of total unrecognized compensation cost related to non-vested options granted under the 2018 Plan and outside of the 2018 Plan. That cost is expected to be recognized over a weighted average period of 3.3 years and will be adjusted as forfeitures occur. There were 76,153 and 48,956 options vested during the fiscal years ended March 27, 2021 and March 28, 2020, respectively. The total fair value of options vested during the fiscal years ended March 27, 2021 and March 28, 2020 was $366,878 and $206,255, respectively. There were no 2021 and 2020. Stock based compensation cost for stock options recognized in operating results for the fiscal years ended March 27, 2021 and March 28, 2020 totaled $314,300 and $213,000, respectively.Restricted Stock The restricted stock awards are considered fixed awards as the number of shares and fair value at the grant date are amortized over the requisite service period net of estimated forfeitures. As of March 27, 2021, there was no unrecognized compensation cost related to non-vested awards. Compensation cost recognized for restricted stock for fiscal 2021 and fiscal 2020 totaled $39,700 and $88,000, respectively.A summary of the changes in non-vested restricted stock awards outstanding for the fiscal years ended March 27, 2021 and March 28, 2020 is presented below:
401 (k) PlanThe Company has established a
401 (k) plan which covers substantially all employees. Participants may make voluntary contributions to the plan for up to 100% of their defined compensation. The Company matches a percentage of the participant's contributions in accordance with the plan. Participants vest ratably in Company contributions over a four - year period. Company contributions to the 401 (k) plan for fiscal 2021 and 2020 were approximately $17,000 and $22,000, respectively. |